A survey conducted by insurer Hiscox has suggested that small and medium-sized enterprises (SMEs) in the UK are concerned about their ability to secure funding in the run-up to Brexit.

Hiscox surveyed 500 small businesses and discovered that 38% of respondents utilise EU funding in order to help grow their business.

However, the insurer warned that firms face an 'uncertain financial future' as the UK re-evaluates its economic strategy ahead of Brexit.

36% of business owners cited a lack of funding options as being the biggest obstacle they face when looking for funding. 28% of firms surveyed stated that they are ineligible for funding, which has prevented them from growing their business.

Meanwhile, 25% said that market competition is their key challenge in securing funding.

Hiscox also found that economic uncertainty has adversely affected business confidence: 31% of those surveyed reported that such uncertainty has hampered their growth opportunities over the last five years.